At most 3

0.241830

8.087059

15.49471

0.4562

At most 4

0.022418

0.612184

3.841466

0.4340

Trace test indicates 3 cointegrating eqn(s) at the 0.05 level

* denotes rejection of the hypothesis at the 0.05 level

**MacKinnon-Haug-Michelis (1999) p-values

Unrestricted Cointegration Rank Test (Maximum Eigenvalue)

Hypothesized

Max-Eigen

0.05

No. of CE(s)

Eigenvalue

Statistic

Critical Value

Prob.**

None *

0.815482

45.63027

33.87687

0.0013

At most 1 *

0.793405

42.57892

27.58434

0.0003

At most 2 *

0.614054

25.70559

21.13162

0.0106

At most 3

0.241830

7.474874

14.26460

0.4346

At most 4

0.022418

0.612184

3.841466

0.4340

Max-eigenvalue test indicates 3 cointegrating eqn(s) at the 0.05 level

* denotes rejection of the hypothesis at the 0.05 level

**MacKinnon-Haug-Michelis (1999) p-values